Investment 9/4/2024

Mainland A-shares resumed trading after the holiday, and Beishui returned. The Hang Seng Index opened 73 points lower at 16,650 points and then reversed its trend. It once fell 143 points to 16,580 points. Later, it was attracted by buying orders. It once rose 171 points and reached a high of 16,895 points. It closed up 8 points, or 0.05%, at 16,732 points throughout the day; the Technology Index fell 6 points, or 0.18%, at 3,444 points, with a main board turnover of HK$99.8 billion.


 Hong Kong stocks have performed well recently and are expected to remain at 16,300 to 17,000 points in the short term. However, there is still hope for a breakthrough in April. Due to the low valuation of technology stocks, the People's Bank of China recently announced the launch of re-loans for technological innovation and technological transformation. If the news drives a rebound in the sector, it is expected to push up the market. If the Hang Seng Index can break through the resistance of 17,000 points, it is expected to test higher  level. 


Citigroup released a research report on Chinese stocks, stating that the Hang Seng Index's profit growth this year will still be resilient, maintaining the Hang Seng Index's year-end target of 19,800 points. The bank said that the performance of the 303 Chinese- and Hong Kong-funded companies it tracked last year was generally in line with expectations, and about half of them beat expectations or missed expectations respectively. 


European stock markets rose across the board, with British, French and German stocks rising 0.41%, 0.72% and 0.79% respectively. 


After the US non-farm employment data released last week far exceeded expectations, the market expects that the US March consumer price index (CPI) released this week will also rebound year-on-year, which means that there is a risk of inflation rising again. The market is worried that the Federal Reserve will cut interest rates slower than expected. It is expected that it will be difficult to cut interest rates three times this year. The pressure on US stocks to adjust is still there. The Dow is expected to hover at 39,000 points in the short term. 


U.S. stocks were mixed early on Monday, with the Dow Jones Industrial Average falling 46 points after rising more than 100 points. After the Dow opened slightly higher by 12 points, the increase expanded to 109 points, reaching a high of 39,013 points. The S&P 500 rose 0.29%, and the Nasdaq rose 0.46% repeatedly. 


U.S. stocks closed. The Dow fell 11 points, or 0.03%, to 38,892 points; the S&P 500 fell 2 points, or 0.04%, to 5,202 points; the Nasdaq's gain shrank to 5 points, or 0.03%, to 16,253 points. 


The US dollar index fell 0.2% to 104.19. The dollar rose 0.1% against the yen to 151.745, approaching the 34-year low hit in late March. The Euro rose 0.2% to $1.0859.

 

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